Jones Collombin Investment Counsel Inc Cuts Stake in First Republic Bank (NYSE:FRC)
Jones Collombin Investment Counsel Inc cut its position in First Republic Bank (NYSE:FRC) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,245 shares of the bank’s stock after selling 1,000 shares during the period. Jones Collombin Investment Counsel Inc’s holdings in First Republic Bank were worth $3,228,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Bank of Nova Scotia purchased a new stake in shares of First Republic Bank during the first quarter worth about $483,000. Barnett & Company Inc. purchased a new stake in shares of First Republic Bank during the second quarter worth about $100,000. Whittier Trust Co. of Nevada Inc. increased its stake in shares of First Republic Bank by 100.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,071 shares of the bank’s stock worth $107,000 after buying an additional 537 shares during the period. Parallel Advisors LLC increased its stake in shares of First Republic Bank by 628.2% in the first quarter. Parallel Advisors LLC now owns 1,085 shares of the bank’s stock worth $101,000 after buying an additional 936 shares during the period. Finally, Israel Discount Bank of New York purchased a new stake in shares of First Republic Bank during the first quarter worth about $107,000. Hedge funds and other institutional investors own 99.64% of the company’s stock.
Shares of First Republic Bank (NYSE:FRC) opened at 97.82 on Friday. First Republic Bank has a 12 month low of $71.66 and a 12 month high of $104.17. The stock has a 50 day moving average of $100.89 and a 200-day moving average of $95.87. The firm has a market capitalization of $15.42 billion, a PE ratio of 23.86 and a beta of 0.99.
First Republic Bank (NYSE:FRC) last released its quarterly earnings data on Friday, July 14th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by $0.03. First Republic Bank had a return on equity of 12.16% and a net margin of 27.37%. The business had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $671.27 million. During the same quarter in the prior year, the firm earned $0.97 earnings per share. First Republic Bank’s quarterly revenue was up 19.8% on a year-over-year basis. On average, equities research analysts anticipate that First Republic Bank will post $4.45 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Thursday, July 27th were given a $0.17 dividend. The ex-dividend date was Tuesday, July 25th. This represents a $0.68 annualized dividend and a dividend yield of 0.70%. First Republic Bank’s dividend payout ratio is presently 16.59%.
A number of analysts recently issued reports on FRC shares. Royal Bank Of Canada reissued a “hold” rating and set a $98.00 price target on shares of First Republic Bank in a report on Friday, July 7th. BidaskClub downgraded shares of First Republic Bank from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Keefe, Bruyette & Woods set a $90.00 price target on shares of First Republic Bank and gave the stock a “hold” rating in a report on Friday, May 26th. Jefferies Group LLC reissued a “buy” rating and set a $109.00 price target on shares of First Republic Bank in a report on Sunday, June 11th. Finally, Zacks Investment Research raised shares of First Republic Bank from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. First Republic Bank has a consensus rating of “Hold” and a consensus target price of $104.54.
About First Republic Bank
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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